F&M Bancorporation reports record earnings & continued growth.KAUKAUNA Kaukauna (kôkô`nə), city (1990 pop. 11,982), Outagamie co., E Wis., on the Fox River; settled 1793, inc. 1885. The city is a processing center for cheese and other dairy products. , Wis adv. 1. Certainly; really; indeed. v. t. 1. To think; to suppose; to imagine; - used chiefly in the first person sing. present tense, I wis. See the Note under Ywis. .--(BUSINESS WIRE)--Jan. 23, 1997-- (NASDAQ/NMS:FMBK) F&M Bancorporation has announced record earnings and continued growth for the year ended December December: see month. 31, 1996. During 1996, the company achieved an increase of 20.24% in earnings and a 17.79% increase in total assets over the previous year. Return on average assets was a record 1.32% for 1996. In addition, F&M Bancorporation completed four acquisitions and announced three additional pending acquisitions, one of which was completed in January January: see month. 1997. Their completion will bring the company's total assets to over $1.3 billion. Full year earnings for F&M Bancorporation increased 20.24% to $14,413,243 for 1996, versus the $11,986,811 for 1995. On a per common share basis, 1996 earnings increased 17.61% to $2.07, compared with the $1.76 earned in 1995. All financial information has been restated to reflect F&M's recent acquisition of Community State Bank using the pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. method of accounting, and per share information has been restated to reflect F&M's recent 10% stock dividend. The Monycor Bancshares, Inc. acquisition in the first quarter of 1996 was also accounted for as a pooling of interests; however, it was not material to prior years' reported operating results and, accordingly, previous years' results have not been restated. The acquisitions of Bradley Bank and the TCF See Trenton Computer Festival. office in Little Chute chute 1. a device used to restrain large animals especially cattle and horses. It is a small stall into which the animal is encouraged to walk. The head is fixed, in cattle by a head bail, the back is closed and the animal can then be examined or treated. were accounted for using the purchase method of accounting; accordingly, the financial information includes their results of operations only since the dates of acquisition. Also, information has not been restated to reflect the Company's January 1997 acquisition of East Troy Troy, ancient city, Asian Turkey Troy, ancient city made famous by Homer's account of the Trojan War. It is also called Ilion or, in Latin, Ilium. Its site is almost universally accepted as the mound now named Hissarlik, in Asian Turkey, c.4 mi (6. Bancshares, Inc. Fourth quarter earnings were up 12.76% to $3,733,029 in 1996, compared with $3,310,510 in 1995. Earnings per share for the fourth quarter were $0.54 in 1996 compared with $0.49 in 1995. Gail Janssen Janssen may refer to: People with the surname Janssen:
Net income improved for 1996 because of growth of loans in the communities where we have banks, an increase in non-interest income, and a strong emphasis on cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. . This resulted in an improvement in F&M's efficiency ratio to 54.68% for 1996, from 56.93% for 1995. The fourth quarter efficiency ratio for 1996 was 54.62%. Total assets as of December 31, 1996 were $1,173,493,878 compared with $996,278,026 one year earlier, an increase of 17.79%. Shareholder's equity increased to $104,948,805, an 11.57% increase over the $94,067,214 at December 31, 1995. On a per share basis, book value was $15.03 on December 31, 1996, compared with $13.83 per share at the same time in 1995, an increase of 8.68%. F&M Bancorporation paid total dividends of $0.667 for 1996, a 22.39% increase over the $0.545 paid to shareholders in 1995. As a benefit to shareholders, F&M offers a dividend reinvestment plan Dividend Reinvestment Plan (DRP) Plan which provides for automatic reinvestment of shareholder dividends in more shares of a company's stock, often without commissions. Some plans provide for the purchase of additional shares at a discount to market price. . The plan allows shareholders to automatically reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. their dividends in F&M stock and to make additional purchases of F&M stock on a regular basis. New acquisitions and internal growth have continued this year, enabling F&M to enter many new markets in Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee . Our focus on midwestern Mid·west or Middle West A region of the north-central United States around the Great Lakes and the upper Mississippi Valley. It is generally considered to include Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, Missouri, Kansas, and communities has been the cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to of success. In 1996, we added 8 locations to our F&M team. In February February: see month. , we strengthened our presence in northern Wisconsin with the addition of Monycor Bank in Superior. Renamed F&M Bank-Superior, this office added assets of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $32 million to F&M. Superior opens the door for F&M to this community as well as to Duluth Duluth (dəl  th`), city (1990 pop. 85,493), seat of St. Louis co., NE Minn., at the west end of Lake Superior, at the head of lake navigation and opposite Superior, Wis.; inc. 1870. , Minnesota Minnesota, state, United StatesMinnesota (mĭn'ĭsō`tə), upper midwestern state of the United States. It is bordered by Lake Superior and Wisconsin (E), Iowa (S), South Dakota and North Dakota (W), and the Canadian provinces and other markets nearby. We continued our growth in northern Wisconsin with the acquisition of Bradley Bank in Tomahawk tomahawk [from an Algonquian dialect of Virginia], hatchet generally used by Native North Americans as a hand weapon and as a missile. The earliest tomahawks were made of stone, with one edge or two edges sharpened (sometimes the stone was globe shaped). . In May, the two locations in Tomahawk became part of F&M Bank-Lakeland, adding assets of approximately $36 million to F&M. Two new offices were opened in Little Chute, Wisconsin Little Chute is a village in Outagamie County, Wisconsin. The name is a semi-anglicized version of the original French name La Petite Chute (Little Falls), in reference to rapids on the nearby Fox River. The town was founded as the mission of St. this year. A TCF Bank office in Little Chute was purchased in April and became a full service F&M Bank office, giving F&M a stronger presence in the Fox Valley Area. This acquisition added assets of $8 million to F&M. In addition, a full service Supermarket Bank was added in Little Chute in November November: see month. , providing customers in the area with extended hours and one stop shopping convenience. The United Centre in Green Bay-Ashwaubenon was purchased in May and became the F&M Center. The Center includes space for several offices and shops as well a full service banking facility. By adding this banking office in a fast growing commercial and residential area of Green Bay to the F&M Bank-Northeast team, we have been able to serve many new customers. The Community State Bank, with offices in Algoma Algoma may refer to:
Forestville is located at (44.689462, -87. joined the F&M team in July July: see month. . These offices in Kewaunee County and Door County added assets of approximately $50 million to the company. F&M Bank in Lancaster Lancaster, city, England Lancaster (lăng`kəstər), city (1991 pop. 43,902) and district, county seat of Lancashire, NW England, on the Lune River. expanded its Madison Madison, cities, United States Madison. 1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. Street location, consolidating its operations into one office. This location provides easier access for customers and enables the bank to serve the community more efficiently and effectively. In Stevens Point Stevens Point, city (1990 pop. 23,006), seat of Portage co., central Wis., on the Wisconsin and Plover rivers; inc. 1858. The major industries are insurance and the manufacture of wood products, cheese, furniture, and fishing equipment. The Univ. , a new office was constructed in an expanding commercial area along Highway 10 and 51. The new location allowed for the consolidation of two Portage County Portage County is the name of several counties in the United States:
Amherst, town (1991 pop. 9,742), N central N.S., Canada. Amherst has a variety of light industries and is a service center for the surrounding agricultural region. Nearby are salt beds. , replacing its office in Amherst Junction The point at which two elements make contact. In a transistor, a junction is the point where an N-type material makes contact with a P-type material. . In January 1997, State Bank of East Troy joined our F&M team. With one location in East Troy, Wisconsin East Troy (disambiguation) East Troy is a village in Walworth County, Wisconsin, United States. The population was 4,500 at the 2000 census. The village is located mostly southeast of the Town of East Troy. A small portion extends into the adjacent town of Troy. , this acquisition added assets of approximately $55 million to F&M. Green County Bank, with assets of approximately $30 million and one location in Brodhead, Wisconsin Brodhead is a city in Green County, Wisconsin, United States. The population was 3,180 at the 2000 census. In February 2000, the city annexed a portion of land from the Town of Spring Valley in Rock County. is expected to join F&M in the first quarter of 1997 as well. This pending acquisition was announced in August of 1996. In October October: see month. of 1996, F&M announced the pending affiliation of Prairie City Prairie City may refer to:
Level or rolling grassland, especially that found in central North America. Decreasing amounts of rainfall, from 40 in. (100 cm) at the forested eastern edge to less than 12 in. du Chien, with two offices in that city as well as locations in Bagley Bagley may refer to People
. When completed, the acquisition of Prairie City Bank will add assets of $85 million to F&M and increase our presence in southwestern south·west n. 1. Abbr. SW The direction or point on the mariner's compass halfway between due south and due west, or 135° west of due north. 2. An area or region lying in the southwest. 3. Wisconsin. Janssen said, "We believe that presence in these new markets will enable us to continue our community banking strategy, providing products and services based on the needs of each market area. This will help us to build customer relations and enhance our overall effectiveness and success. We are proud of our success this year. With the efforts of our F&M team, we expect 1997 to bring further expansion and growth." F&M Bancorporation is a multi-bank holding company located in Kaukauna, Wisconsin Kaukauna (pron. ) is a city in Outagamie County, Wisconsin, United States, on the Fox River, approximately 100 miles (161 km) north of Milwaukee. . F&M stock is traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on , National Market System, under the symbol, FMBK. With its pending acquisitions, F&M will serve customers at 55 full service bank locations throughout Wisconsin, with assets of over $1.3 billion. Discussions in this release that are not statements of historical fact (including statements which include terms such as "will", "believe" and "expect") are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, and the company's actual future results could materially differ from those discussed. Factors that could cause or contribute to such differences include, but are not limited to, the company's future lending and collections experience, the effects of acquisitions, competition from other institutions, changes in the banking industry and its regulation, needs for technological change, and other factors, including those which are discussed in the company's filings with the Securities and Exchange Commission. -0-
F&M Bancorporation, Inc. and Subsidiaries
Consolidated Balance Sheets
(UNAUDITED)
December 31, December 31,
1996 1995
______________ ____________
ASSETS
Cash and cash equivalents $44,625,716 $40,848,045
Investments securities
Held to maturity
(Fair value of $96,824,000
and $67,599,000, respectively) 95,030,137 65,948,661
Available for sale - stated
at fair value 111,197,603 138,898,862
Federal funds sold 18,204,000 22,118,000
Loans 864,674,157 700,043,946
Less: Allowance for loan losses (10,601,954) (8,921,131)
______________ ____________
Net loans 854,072,203 691,122,815
Bank premises and equipment - net 27,934,694 20,718,823
Other real estate 1,823,907 808,631
Other assets 20,605,618 15,814,189
______________ ____________
Total assets $1,173,493,878 $996,278,026
______________ ____________
______________ ____________
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Non-interest bearing $137,656,825 $110,187,506
Interest bearing 868,102,816 756,524,375
______________ ____________
Total deposits 1,005,759,641 866,711,881
Short-term borrowings 41,331,857 12,194,134
Other borrowings 9,816,622 10,833,244
Accrued expenses and other
liabilities 11,636,953 12,281,690
______________ ____________
Total liabilities 1,068,545,073 902,020,949
______________ ____________
Minority interest in subsidiaries 0 189,863
______________ ____________
Shareholders' Equity
Common stock - $1 par value
Authorized - 20,000,000 shares
Issued - 7,016,690 and 6,259,717,
respectively 7,016,690 6,259,717
Capital surplus 60,157,125 43,600,295
Retained earnings 38,784,488 44,899,802
Net unrealized loss on securities
available for sale (348,204) 131,838
Less-Common stock held in
treasury at cost-
34,750 shares and 39,000 shares,
respectively (661,294) (824,438)
______________ ____________
Total shareholders' equity 104,948,805 94,067,214
______________ ____________
Total liabilities and
shareholders' equity $1,173,493,878 $996,278,026
______________ ____________
______________ ____________
F&M Bancorporation, Inc. and Subsidiaries
Consolidated Statements of Income
(UNAUDITED)
Three months ended Twelve months ended
December 31, December 31,
1996 1995 1996 1995
___________ ___________ ___________ ___________
INTEREST INCOME
Interest and fees
on loans $19,662,888 $16,595,271 $73,254,112 $63,408,222
Interest on investment
securities
Taxable 1,790,310 2,082,909 7,723,155 8,146,154
Exempt from
federal tax 1,300,274 994,118 4,687,335 3,865,244
Other interest income 224,971 265,678 1,212,604 671,783
___________ ___________ ___________ ___________
Total interest
income 22,978,443 19,937,976 86,877,206 76,091,403
___________ ___________ ___________ ___________
INTEREST EXPENSE
Interest on deposits 9,765,489 8,546,641 37,038,921 31,903,783
Interest on short-term
borrowings 557,290 155,175 1,780,575 935,440
Interest on other
borrowings 141,815 215,449 426,302 968,040
___________ ___________ ___________ ___________
Total interest
expense 10,464,594 8,917,265 39,245,798 33,807,263
___________ ___________ ___________ ___________
Net interest income 12,513,849 11,020,711 47,631,408 42,284,140
Provision for
loan losses 714,928 526,685 2,004,260 1,653,435
___________ ___________ ___________ ___________
Net interest
income after
provision for
loan losses 11,798,921 10,494,026 45,627,148 40,630,705
___________ ___________ ___________ ___________
Other income
Service charges on
deposit accounts 831,576 664,709 3,061,168 2,611,340
Other operating income 756,773 519,076 2,700,007 2,000,635
Security gains 106,020 3,788 114,860 36,529
___________ ___________ ___________ ___________
1,694,369 1,187,573 5,876,035 4,648,504
___________ ___________ ___________ ___________
Other expenses
Salaries and
employee benefits 4,341,570 3,666,376 16,366,117 14,256,882
Other operating
expenses 3,686,651 3,199,245 14,015,374 13,469,131
___________ ___________ ___________ ___________
8,028,221 6,865,621 30,381,491 27,726,013
___________ ___________ ___________ ___________
Income before income
taxes 5,465,069 4,815,978 21,121,692 17,553,196
Income taxes 1,732,040 1,505,468 6,708,449 5,566,385
___________ ___________ ___________ ___________
NET INCOME $3,733,029 $3,310,510 $14,413,243 $11,986,811
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
EARNINGS PER SHARE 0.54 0.49 2.07 1.76
F&M Bancorporation, Inc. and Subsidiaries
Financial and Statistical Summary
(UNAUDITED)
December 31, December 31,
1996 1995 % Change
Operating Results
(Three Months Ended December 31)
Interest income 22,978,443 19,937,976 15.25%
Interest expense 10,464,594 8,917,265 17.35%
Net interest income 12,513,849 11,020,711 13.55%
Provision for loan losses 714,928 526,685 35.74%
Net income 3,733,029 3,310,510 12.76%
Net income per share 0.54 0.49 10.20%
Dividends paid per share (1) 0.170 0.136 25.00%
Operating Results
(Twelve Months Ended December 31)
Interest income 86,877,206 76,091,403 14.17%
Interest expense 39,245,798 33,807,263 16.09%
Net interest income 47,631,408 42,284,140 12.65%
Provision for loan losses 2,004,260 1,653,435 21.22%
Net income 14,413,243 11,986,811 20.24%
Net income per share 2.07 1.76 17.61%
Dividends paid per share (1) 0.667 0.545 22.39%
Financial Condition
(At December 31)
Assets 1,173,493,878 996,278,026 17.79%
Deposits 1,005,759,641 866,711,881 16.04%
Loans (gross) 864,674,157 700,043,946 23.52%
Loan loss reserve (10,601,954) (8,921,131) 18.84%
Loans (net) 854,072,203 691,122,815 23.58%
Shareholders' equity 104,948,805 94,067,214 11.57%
Book value per share 15.03 13.83 8.68%
Market to book value 197.94% 170.93%
Loan loss reserve to loans 1.23% 1.27%
Financial Measures
(Three Months Ended December 31)
Return on average assets 1.30% 1.34%
Return on average equity 14.33% 14.14%
Net interest margin 4.86% 4.94%
Financial Measures
(Twelve Months Ended December 31)
Return on average assets 1.32% 1.25%
Return on average equity 14.45% 13.66%
Net interest margin 4.87% 4.93%
Note 1: All financial data has been restated to reflect the
acquisition of Union State Bank and Community State Bank using the
pooling of interest method of accounting. The Monycor Bancshares,
Inc. acquisition, accounted for as pooling of interests, was not
material to prior years' reported operating results and accordingly,
previous years' results have not been restated. The acquisitions of
Bradley Bank and the TCF office in Little Chute were accounted for
using the purchase method of accounting; accordingly, the financial
data includes results of operations only since the dates of
acquisition.
Note 2: All per share information has been adjusted to reflect the
10% stock dividend, paid to shareholders on June 10, 1996.
(1) Represents only those dividends paid by F&M Bancorporation, Inc.
(2) Shares outstanding at December 31 less treasury stock
outstanding.
F&M Bancorporation, Inc. and Subsidiaries
Financial and Statistical Summary (continued)
(UNAUDITED)
December 31, December 31,
1996 1995
Historical Data
(Three Months Ended December 31)
Average assets 1,144,414,487 982,314,595
Average equity 103,664,900 92,856,278
Average loans (gross) 848,414,657 700,051,519
Average shares outstanding 6,981,544 6,798,355
Dividend declared (1) 1,185,072 870,211
Historical Data
(Twelve Months Ended December 31)
Average assets 1,088,893,302 955,626,877
Average equity 99,733,301 87,773,727
Average loans (gross) 791,826,304 685,260,268
Average shares outstanding 6,978,220 6,799,990
Dividend declared (1) 4,516,215 3,477,318
Selected Ratio Performance
(Three Months Ended December 31)
Average equity to average assets 9.06% 9.45%
Average gross loans to average assets 74.14% 71.27%
Average gross loans times average equity 8.2 7.5
Dividend payout percentage 31.75% 26.29%
Balance sheet leverage 11.0 10.6
Efficiency ratio 54.62% 54.20%
Selected Ratio Performance
(Twelve Months Ended December 31)
Average equity to average assets 9.16% 9.18%
Average gross loans to average assets 72.72% 71.71%
Average gross loans times average equity 7.9 7.8
Dividend payout percentage 31.33% 29.01%
Balance sheet leverage 10.9 10.9
Efficiency ratio 54.68% 56.93%
Asset Quality
(At December 31)
Total nonperforming assets 12,320,000 7,691,000
Nonperforming assets as a % of assets 1.05% 0.77%
Net loans charged off as a % of
average loans (annualized) 0.11% 0.12%
Stock Performance
(Twelve Months Ended December 31)
Market price:
High $32.00 $25.00
Low $22.05 $17.95
At year end $29.75 $23.64
Shares outstanding (December 31) (2) 6,981,940 6,220,717
CONTACT: F&M Bancorporation, Kaukauna Janet Janet: see Clouet, Jean. JANET - Joint Academic NETwork M. Lakso, 414/766-1717 |
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